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For Sale: $649,999

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Portland Real Estate Update By Rob Levy

Portland Real Estate Update August '15

Year to Date Summary.  Activity has been higher in 2015 than in 2014 across the board. Pending sales (21,579) are up 24.5%, closed sales (18,754) are up 22.0%, and new listings (26,336) are up 8.4% for the year thus far. Prices continue to rise in 2015 compared to 2014. Comparing each year through July, the average sale price rose 6.1% from $331,400 to $351,600. In the same comparison, the median sale price rose 7.0% from $284,900 to $304,900. 

Real estate activity in the Portland metro area saw increases across the board compared to July of last year. Closed sales outpaced all measures—the 3,452 closings bested last month (3,302) by 4.5% and last July’s 2,678 by 28.9%. In fact, it was the best July for closings in Portland on the RMLS™ record!  Pending sales (3,494) fell 3.1% short of the 3,605 offers accepted last month (June 2015) but surpassed the 2,802 offers accepted in July 2014 by 24.7%. The last July with more pending sales in the Portland metro area was in 2005, when 3,792 offers were accepted.  Similarly, new listings (4,273) were 0.2% cooler than in June (4,280) but outpaced July 2014’s 3,954 new listings by 8.1%.
Inventory increased very slightly in July, and currently sits at 1.7 months. Total market time increased just as slightly, now standing at 45 days. There are currently a total of 5,708 active residential listings in the Portland metro area.

Our home of the month is a stunning home on a large lot in the coveted Forest Hills area of Cedar Hills, close to highways 26/217, Nike, transit center and 10 mintues from downtown.  This gorgeous home is a hard-to-find single level on a huge manicured lot and is completely remodelled.  Check it out by clicking here!

Home Prices up Across the USA

This months infographic covers the median sales prices across the USA.  Of note, in Portland our prices are up 7% year to date and our median sales price is $318,000.   What is of interest is the amount of income needed to qualify to purchase the median home which in our market is about $69,000 per year.  What isnt covered is what the payment would be with our super interest rates, and if one were to purchase that $318,000 home in Portland with 5% down the payment would be $1,421 - well below what it would cost to rent the very same house.  If the down payment was 25% the payment would be only $1,122 a month.  These payments are run at 3.875% interest rate on a 30 year term and are of course plus property taxes.  But still if that same house appreciates 5% next year then the $318,000 home now has $15,000 in appreciation!

Contact Information

Photo of The Rob Levy Team Real Estate
The Rob Levy Team
Keller Williams Realty Professionals
9755 SW Barnes Road, Suite 560
Portland OR 97225

Google+ Author covering Portland, Oregon real estate